This paper analyzes the economic, legal, and social aspects of the legal cannabis industry in the United States. These analyses include the history, current status, and future of all three components, all with an emphasis on reforming the existing systems in place in order to achieve the most beneficial cannabis industry possible. Many reformative legal implications are made, stressing the importance of decriminalizing cannabis, releasing nonviolent and cannabis-related criminals from prison, and expunging their criminal records. The paper places a heavy emphasis on the importance of designing the legal system to be fair and equal across all racial and ethnic groups, given that people of color have been hit the hardest in terms of cannabis-related issues. Economic components such as tax design and access to proper financial institutions are also included, as well as the social implications that have both gone into and are a product of the long-standing war on drugs. While there is no comprehensive solution for how to fix every aspect of the industry, this paper highlights key aspects to be aware of in the design stages of potential federal legalization.

Change within the cannabis industry could lead to drastic improvements in social justice. Ever since marijuana was first regulated in the United States in the early 1900s, it has been used as the justification for the excessive incarceration and disenfranchisement of targeted groups, specifically, Black and Latino populations. Now, the growing popularity of marijuana, from both the recreational and entrepreneurial perspective, has led to the legalization of recreational cannabis in 15 states. <br/>Although this enterprise is highly profitable and alluring for consumers and business owners, the problem of underrepresentation of minority owned businesses within the industry still remains. This underrepresentation symbolizes the unjust ability for this enterprise to capitalize on those victimized by past drug regulations and on a larger scale, how it perpetuates institutionalized racism. The criminalization of marijuana not only allows for certain groups to remain successful in this booming billion-dollar operation, but also ensures that others remain unseen and left behind. <br/>This thesis aims to show the ways in which the legal cannabis industry can expand and encourage minority-owned businesses to venture into the sector. In this paper, I will attempt to outline the history of cannabis regulation and anti-drug campaigns, and illustrate the lack of diversity within the cannabis industry. I will also touch upon the remedies and reparations for racial inequality and how public policy can address entrepreneur’s demands in future policy considerations and industry practices.